What are the Evidence of Financial Support?

Studying abroad is a dream for many Indian students. To accomplish this dream, students have to go through an intensive application process, from preparing for entrance exams to submitting academic transcripts. It also requires students to collect a range of documents and apply before the deadline. However, it doesn’t stop here. Once these formalities have been completed, we have the next step that involves a new set of paperwork necessary for the student visa. One such pertinent document is the Evidence of Financial Support. All international students must provide proof that they can financially sustain themselves and pay for their course tuition in the desired country. In this blog, we will focus on evidence of financial support and what documents can be presented as financial support. 

What is Evidence of Financial Support?

The primary document required for a student visa is proof of financial capacity. Nearly every country asks applicants to demonstrate that they have sufficient funds to study overseas. This documentation shows whether the student can manage tuition fees and overall living costs while attending a foreign institution. The total cost of studying abroad covers various expenses, outlined below.

Types of Expenses	Specifics
Tuition Fees	Lectures, seminars and tutorials, field trips, access to the library, computer facilities, campus services, students’ union membership & graduation ceremony service
Living Expenses: One- Time	Flight cost, Application fees, Test fees & miscellaneous expense
Living Expenses: Recurring	Food, Accommodation, Travel cost & miscellaneous expense

Documents Accepted as Evidence of Financial Support

There is no universal set of documents required by all countries. Since each nation follows its own application process, the financial documents needed for a student visa also differ. Every country and university specifies its own list of acceptable proofs of funds. Applicants may provide multiple financial documents—unless a particular account or deposit is specifically mandated. Below are commonly accepted types of proof:

Bank Statements

This is the most commonly requested document to demonstrate financial capability for university admissions and visa processing. However, students should keep the following points in mind:

• The bank statement must cover the exact period specified by the university.
• It should be a scanned copy that is properly signed and stamped by the bank.
• The statement must belong to the individual whose financial support is required—such as a parent, guardian, or spouse—if the university specifies so.
• Most universities and visa authorities typically accept statements from savings accounts.

(Note: Current Account Statements are generally not accepted. However, it is always best to confirm before submitting the same.)

Also Read: Guide to Financial Requirements for Student Visa

Loan Approval Letter

In some situations, students may also provide a loan approval letter as proof of financial support. This letter must clearly indicate the bank’s sanction of the loan and the amount approved for the student’s studies abroad. Keep the following points in mind:

The letter must explicitly state: “The loan of Rs. _____________ has been fully sanctioned and all terms and conditions are fulfilled except disbursement.”

It must be properly signed and stamped by the issuing bank.

The student’s name and the sanctioned loan amount should be clearly mentioned.

The letter should also include a commitment to release the funds as required.

Scholarship Approval or Grants Letters

If a student has received a scholarship, it can also serve as valid proof of financial support. This document is typically issued by the university or institution offering the scholarship. For government-funded awards, an official copy of the grant must be provided as evidence.

CA Certificate

As the name suggests, this certificate is prepared by a Chartered Accountant. This document essentially covers the list of assets and liabilities held by the student. This includes both current and fixed assets. The document must be signed by a certified CA and submitted to the university as evidence of financial support.

Affidavit of Support/ Sponsorship

An Affidavit of Support does not itself serve as one of the evidence of funds; rather, it verifies that financial backing has been committed to the student. This declaration is submitted together with income documents and/or bank certificates. Essentially, it is a notarized legal statement prepared on stamp paper affirming that a parent, spouse, or other relative agrees to finance the student’s tuition and living costs. By signing it, the sponsor formally accepts responsibility for all expenses related to the student’s education. Important points to remember include:

The Affidavit of Support may be issued by close or extended family members, and a spouse is also an acceptable sponsor.

It must be prepared on officially issued stamp paper available through local legal offices.

If an uncle or aunt is providing sponsorship, the affidavit should clearly explain why they are offering support and confirm that they possess adequate funds to cover both their own household expenses and the student’s educational costs.

Also Read: List of Banks Giving Education Loan Without Collateral in India

Loan Capability Certificate

Another document for providing evidence of financial support is Loan Capability Certificate. As the name suggests, this certificate is issued by banks claiming that they are willing to provide a loan if the student gets admitted to the university abroad. The loan capability certificate must include the following –

1. Amount of loan
2. Student’s name
3. Willingness of the bank to grant the loan
4. It should be signed by the bank

Bank Account Letters

These bank-issued letters outline the type of account maintained by the student and the current balance available. They serve as valid documentation to show financial capability. Students should keep the following points in mind:

• The letter must clearly state the name(s) of the account holder(s).
• It should indicate the specific account type (savings, current, or joint).
• The duration for which the account has been active must be included.
• The letter should also list the account balance, along with its converted value and the exchange rate applied.

Financial Support Documents by Country

Each country has their own financial support documents for international students. Below we have mentioned the evidence of financial support of popular study destinations for students.

Country	Minimum Funds Required	Duration Covered	Key Documents
UK	Tuition + GBP 1,023/GBP 1,334 per month	9 months	Bank statement, loan letter, scholarships
Canada	CAD 10,000 + tuition	1 year	GIC, bank proof, loan/sponsorship
USA	Tuition + living (USD 10k–15k)	1 year	I-20, bank letter, sponsor affidavit
Australia	AUD 24,505 + tuition	1 year	Bank, income proof, loan, Form 157A
Germany	EUR 11,208 (Blocked Account)	1 year	Blocked account confirmation

Tips to Show Strong Evidence of Financial Support

Applying for study abroad comes with a set of document requirements which need to be strongly supported. Evidence of financial support is one of the documents that is usually required by international universities. Here are some simple tips to help you show strong financial support:

1. Maintain a Healthy Bank Balance: Ensure your account has enough funds for at least the last 3–6 months. A sudden deposit should be avoided as it may raise red flags.

2. Use an Education Loan from a Recognised Bank: An education loan sanction letter from a government-approved or international bank is considered solid proof and is accepted by most embassies.

3. Get Documents from Official Sources: Make sure all financial proofs are on official letterhead, properly stamped, signed, and dated. This applies to bank letters, scholarships, and sponsorships.

4. Avoid Joint or Inactive Accounts: Always show funds from active individual accounts. If it’s a joint account, clearly explain your relationship with the account holder.

5. Provide Multiple Documents if Needed: It’s okay to combine financial evidence, like bank statements + a loan letter + a scholarship letter, to make your case stronger.

6. Show Consistency Across Documents: Make sure your name, passport number, and other details match across all your documents, such as passport, offer letter, bank proof, etc.

7. Include Sponsor’s Income Proof and ITR: If a family member is sponsoring you, include their Income Tax Returns (ITRs), salary slips, or business income proofs to show regular income.

FAQs

Related Reads:

Financial Planning for VISA	Documents Required for Education Loan
Check the List of US Student Visa Documents	How Much Money Do You Need for a Student Visa
Study Abroad: Friends or Relatives can Provide Proof of Savings for International Students in Germany	8 Documentation Requirements for an F1 Visa

This was all about the documents for evidence of financial support. These documents are essential to the study abroad application process; they must be verified by the embassy and must not be tampered with in any form. If you are applying to study abroad, then contact our LeverageEdu experts to make the application process more fun and less arduous! Sign up for a free session today!